Presidential candidate of the Nigeria Democratic Congress, Peter Obi, has criticised the borrowing record of President Bola Ahmed Tinubu’s administration, alleging that the government has accumulated more debt in three years than was incurred during the eight-year tenure of former President Muhammadu Buhari.

In a statement on Tuesday, Obi expressed concern over Nigeria’s growing debt profile and what he described as insufficient transparency regarding the use of borrowed funds.

According to him, Nigeria’s total public debt has risen to about ₦200 trillion under the current administration, representing an increase of more than ₦100 trillion within three years.

“President Bola Tinubu’s administration has engaged in remarkably imprudent borrowing, escalating Nigeria’s total debt to approximately ₦200 trillion. This represents an increase of over ₦100 trillion within a mere three years, a stark contrast to the roughly ₦49 trillion accumulated during President Muhammadu Buhari’s eight-year tenure,” Obi said.

The former Anambra governor also questioned how a significant portion of the borrowed funds had been utilised, arguing that available government records do not adequately account for the spending.

Citing figures from the Budget Office of the Federation, Obi said the Federal Government borrowed ₦11.89 trillion between January and September 2025, exceeding its planned borrowing target of ₦10.34 trillion by approximately ₦1.54 trillion.

He further noted that only ₦3.10 trillion was spent on capital projects during the same period, representing 17.66 per cent of the ₦17.58 trillion allocated for capital expenditure in the budget.

According to Obi, the gap between total borrowing and capital spending raises serious questions about fiscal management and accountability.

“The most disturbing aspect is that there is no explanation or information regarding how the balance was utilised or deployed. Nigerians deserve answers on how the nation’s resources are being managed,” he stated.

The NDC presidential candidate called for greater transparency in public finance management, insisting that citizens have a right to know how borrowed funds are spent and how government debt contributes to national development.

As of the time the report was filed, the Federal Government had not issued an official response to Obi’s allegations.